As I've said before, the low $7ks are a good area to clear stops. Don't think this will be easy to buy and we could get some momentum from the break down, but timing is right to find a low here this week and start a new daily cycle. We are on day 55 so right in the timing band for a 55-60 day cycle. That means I'm looking for 2 possibilities.
1. Find a low and ignite a new bull market, potentially a strong reaction to severe oversold conditions.
2. Find a low in coming days and then bounce, form another bear flag in which I will have to evaluate and potentially cut my position or move to break even.
I think we will clear sellers and it will be hard to go into a strong bearish trend unless there is a major catalyst.
Good luck everyone!
1. Find a low and ignite a new bull market, potentially a strong reaction to severe oversold conditions.
2. Find a low in coming days and then bounce, form another bear flag in which I will have to evaluate and potentially cut my position or move to break even.
I think we will clear sellers and it will be hard to go into a strong bearish trend unless there is a major catalyst.
Good luck everyone!
Didn't go quite as low as I wanted but a clear cycle low forms if we get follow through on this monster candle. I've mentioned several times that when bitcoin runs it likes to leave people at the station. If this 200 SMA doesn't hold sellers, it could very easily squeeze higher.
High daily close would be a good sign. Follow through and I like this as a cycle low and I go into major dip buying modoe for the next 3 weeks.
If things work out with this trade and we go into a bullish trend, I will hold this until next spring. Possibly into the halvening in May 2020. But..we still have work to do to confirm a trend is starting. Its only a good 1 day start.